bitcoin (BTC) briefly fell below $20,000 for the first time in nearly two months, following US President Joe Biden's latest budget and the collapse of "cryptobank" Silvergate.
BTC price fell to $19,945 on March 10 before recovering to around $20,000, according to data from CoinMarketCap.
Bitcoin got off to a stellar start in 2023 but fell up to 5% in an hour on March 3 amid the uncertainty at Silvergate. The price does not seem to have been able to rise since then.
The announcement that Silvergate Bank, one of the key banks in the United States that provides services to crypto businesses, had went into voluntary liquidation March 8 has emerged as a potential strong headwind for the cryptocurrency industry.
Related: Bitcoin Price Drops To $20.8K As Macroeconomic And Regulatory Pressure Mounts
Meanwhile, a supplemental budget explainer paper on March 9 revealed that U.S. crypto miners could eventually be subject to a 30% tax on electricity costs under a Biden budget proposal that aims to โreduce mining activity.โ
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